Kuwait: Kuwait crude output continues to fall sharply year on year in September
Latest reading: Kuwait oil output ticked up to 2.43 mbpd (million barrels per day) in September from 2.42 mbpd in August, but was still one of the lowest readings since 2021. Oil production fell 5.7% year on year in September and 5.4% in Q3 as a whole – close to Q2’s 6.0% decline.
Outlook: Oil production is likely to continue dropping in annual terms for the remainder of 2024, given that OPEC+ cuts were recently extended at their current level until end-November. Our panelists expect oil production to rise from 2025 thanks to the phasing out of OPEC+ cuts. Meanwhile, refined fuel production is set to rise sharply in 2024: The Al-Zour refinery – among the largest in the Middle East – has been ramping up production this year, boosting the manufacturing sector.